Frazier Creek, Nevada
The drilling program on the Frazier Creek Property has been temporarily suspended due to unexpectedly difficult ground conditions. Two attempts were made to complete the initial hole from two different locations on either side of the main altered zone. The holes encountered a combination of extensive faulting and swelling clays at a shallow depth.
After consultation with the drill contractor, it was decided that to avoid the risk of losing drill steel down the hole and in order to conserve capital, it was prudent to suspend the drilling, assess the situation and consider an alternative drilling approach. The maximum depth reached was 121 metres, well short of the planned target depth of 600 metres and as a result, the high-priority target remains untested.
The timing for a re-start of the program is uncertain and will depend on the availability of equipment and the logistics of drilling in the high desert during the late fall and winter months, when drilling costs are considerably higher.
Buckhorn, Arizona
Savant is awaiting the permit to drill on its Buckhorn Property in Arizona, where two Induced Polarization chargeability anomalies warrant drill testing (please see the Company’s news release dated June 17, 2014). One of the anomalies coincides directly with an exploration target that was established by the presence of key surface indicators of porphyry copper mineralization — this coincidence suggests that the anomaly may be related to a buried copper porphyry body. Further updates on the timing of the drill program at Buckhorn will be made available once the permit has been received.
The Frazier Creek and Buckhorn properties were acquired under option from Eurasian Minerals Inc. (EMX.TSX-V, EMXX. NYSE MKT), through its wholly owned subsidiary Bronco Creek Exploration.
Generative Work
Savant’s management team has worked through an extensive database of geological, structural, geochemical and historical exploration for a key area of the Southwest U.S where the potential for undiscovered buried copper porphyry deposits is considered to be the highest. Further due diligence will be undertaken this year to further prioritize these target areas.
